According to Guangzhou Daily, police authority in Shenzhen Guangdong Province arrested six individuals this week who allegedly defrauded more than 3000 investors for $47 million by selling a cryptocurrency that is claimed to be backed by Chinese famous tea “Pu’er”.

The group of six suspects established a company called PEB in Shenzhen in January 2017 and issued a blockchain-powered token dubbed Pu’er Coin. According to the police investigation, the firm had actually only a “very limited amount of the tea in stock,” it promised high short-term returns and aggressively conducted social media marketing and roadshows at high end hotels. (Source and Photo credit: Guangzhou Daily)